Good morning, Quartz readers!
What to watch for today
Davos kicks off in the Swiss Alps. The 48th annual World Economic Forum brings together the world’s political and corporate elite under this year’s theme of “global co-operation” (paywall). The opening address will be delivered by India’s prime minister Narendra Modi, with the keynote provided by Donald Trump, amid expected protests. Get the Quartz Davos Daily Brief for in depth coverage of the event.
A South Korean delegation inspects North Korea. Twelve delegates will remain in Pyongyang for a three-day visit, during which they will inspect Kim Jong Un’s Masikryong Ski Resort and other venues. The inspections will facilitate training for the upcoming Pyeongchang Olympics—the nations’ collaboration at the Winter Games is expected to help ease tension.
The BOJ releases its first monetary decision of the year. Japan’s central bank is expected to raise its forecast for the nation’s growth amid signs of economic strength, but maintain its policy on monetary easing as inflation remains below its 2% target.
While you were sleeping
Netflix beat expectations with its fourth quarter results. The streaming giant saw its market capitalization pass $100 billion for the first time after adding 1.98 million subscribers, more than the 1.29 million expected. The company’s quarterly earnings were in line with estimates, but Netflix still jumped 8% on the news.
The US senate voted to reopen the federal government. The senate agreed to a temporary stopgap budget solution to fund America’s various non-essential government branches until Feb 8. The agreed-upon deal gives Republicans 17 days to make good on protections for those affected by the DACA program.
The IMF warned against a recession. The fund raised its 2018 global growth forecast to 3.9% as US tax cuts begin to take hold, but warned policymakers to be on guard for the next recession. Chief economist Maurice Obstfeld said the broad recovery is unlikely to become the “new normal” because advanced economies are approaching the limits of their growth potential, among other reasons.
Three USA Gymnastics board members resigned. The chairman and several board members stepped down from the gymnastics governing organization, after intense pressure following the molestation case (paywall) of former team doctor Larry Nassar.
The US embassy will move to Jerusalem by the end of 2019. The decision was announced in a speech delivered by Mike Pence to Israel’s parliament during the US vice president’s three-day visit. The move follows Trump’s decision last month to recognize Jerusalem as Israel’s capital, which has set off weeks of unrest and has been widely condemned by the international community.
Quartz obsession interlude
Jenny Anderson on the controversial Silicon Valley-funded quest to educate the world’s poorest kids. “[Bridge’s] supporters are right to celebrate the data-driven approach which produces evidence to build better education systems, as well as ways to improve feedback for teachers. For-profit ventures should be able to operate and offer alternatives where there are none—though they must be properly regulated—and Bridge has shown how to build accountability around teachers, if not autonomy for them.” Read more here.
Matters of debate
Centrism can be an effective governing platform. The Social Democratic Party may seem wishy-washy, but it’s also become a party of compromise.
Blockchain platforms will make us happier. Peer-to-peer technologies can move us away from a world of slow, cumbersome, and expensive decision-making.
Are Google and Facebook monopolies? Economist Tyler Cohen says no, since they let people advertise at a relatively low price. But his colleague Luigi Zingales argues Zuckerberg might be the new Rockefeller.
Surprising discoveries
“Get out of jail free” cards actually exist. In New York City, the Patrolmen’s Benevolent Association has cut the number of cards for active officers to “hand out as Christmas gifts.”
Rocket lab’s 17-meter Electron rocket launched into space. Its battery-powered turbopump and 3-D printed engine parts could put small satellites into space at a lower cost.
There may soon be an anglerfish emoji. A deep-sea ecologist and a sociologist are determined to diversify your mammal-dominated emoji dashboard.
An American beauty brand tried to trademark #MeToo. Hard Candy, sold exclusively at Walmart, has faced public outrage and withdrawn its application.
50 years ago, North Korea seized a US spy ship. The country imprisoned and tortured its American crew, humiliated the US, and turned the ship into a tourist attraction.
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